Financial burdens rise for middle-aged Americans

Wednesday, January 30, 2013 11:15 AM

Financial burdens and
responsibilities for middle-aged Americans are increasing because of their
aging parents and grown children who are struggling to achieve financial
independence, Pew
Research Center reported.

Almost half, 47 percent, of adults in
their 40s and 50s have a parent age 65 or older and are either raising a young
child or financially supporting a grown one. Additionally, 15 percent of adults
are providing financial support to both an aging parent and a child.

However,
the study found that the burden is coming primarily from grown children who
cannot achieve financial independence; 48 percent of adults in that age group
provided financial support to a grown child in the past year, with 27 percent
providing the primary support. Those percentages are up significantly from
2005.